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Angela deposits 1000 into an account with an APR of 3.1% for 10 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solution

Solution

Amount : 1362.88

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.031}{12})^{12 \cdot 10}

1000 (1 + \frac{0.031}{12})^{12 \cdot 10} = 1362.88022 \dots

Round to the nearest hundredth:

1362.88

Amount : 1362.88

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